International edition
June 20, 2021

A 75% compared to the previous year

Cirsa reduced its loss and increased its sales in 2006

(Spain).- The Catalonian leisure and gaming company Cirsa announces that it registered losses for 8.4 million euros in 2006, which supposes a decrease of 75% compared to the previous year, while the operating benefit (ETBIDA) grew a 26%, achieving the amount of 143.4 million euros.

T

hese numbers are released by the information issued to the shareholders of the groups, which shows that exercise 2006 has been considerably better than the year before, when Cirse loss was 34.5 million euros.

Cirsa is a company located in Terrassa (Barcelona) and controlled in a 52% by Society Leisure & Gaming, owned by Manuel Lao, while the rest of the capital is owned by Lao himself. According to that information, Cirsa group collected 1,657 million euros in 2006, with a 5.8% increment in sales, supported by the good performance of slots and casinos as well.

The Catalonian group explains that it still has losses due to the redemption of goodwill derived from the strong investments made the two previous years. In 2005, red numbers were even higher.

In 2004, the group had invested more than 100 million euros, and in 2005 it invested 96.7 million to acquire several casinos in Santo Domingo (Dominican Republic), Lima (Peru), Maracaibo (Venezuela) and Panama. In 2006, the investments have decreased up to 66 million euros, with the aim to mantain the same rithmn for the rest of the current year.

Last year, Cirsa increased its presence in Mexico with the opening of 10 new bingo halls and slots, and the goal for 2007 is to have 22 operating venues in the country.

The improvement of the performance of the group is also reflected in the evolution of the operating cash-flow (benefits plus recouping) of Cirsa group in 2006, which was of 116.2 million, a 41% more than the previous year, while net cash-flow was 22 million.

In 2006, the percentage of debt on EBITDA was 4.3%, considerably better that the 5% of the closing of the exercise of the previous year. In total, the 611 million of net financial debt mean a 7% increment of this item in 2006 with regards to the previous year.

Cirsa mantains its presence in three international markets, Spain, Italy and Latin America, and has a total of 12,000 employees, of which half of them are in Spain.

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